Doctor Loan

Doctor Loan

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Planning To Apply For A Doctor Loan? Check Out Your Eligibility And Required Documentation

For many young doctors, the first obstacle is setting up their medical practice. Then comes the hurdle of keeping the practice afloat. Sometimes, this means expanding the clinic. At other times, it involves upgrading or replacing medical equipment. Each of these requires a large amount of capital. Some doctors have this surplus on hand. Many others do not. And that is when a Loan for Doctors comes in handy.

A loan for doctors is a kind of business loan targeting qualified medical practitioners. Depending on your needs, you could get

A doctor loan for clinic expansion, or

A loan to purchase medical equipment

The former could help you grow your business and meet rising demand. The latter may help you set up a new practice or replace obsolete equipment.

Doctor Loan Eligibility

When extending loans for doctors, Indian banks and financial institutions set some eligibility criteria. So, if you are applying for one, you will have to tick certain boxes. Bajaj Finserv, which provides doctor loan schemes, requires you to meet the following conditions.

1. Do you have the right educational background?

Not everyone is eligible to get a professional loan for doctors. You would need to be either a graduate or a post-graduate in medicine. Graduate doctors should have either an MBBS or a BDS degree. For post-graduates, MD, DM, MS, MCH, or MDS degrees would work.

2. Do you have the right experience?

To get a loan for doctors, you cannot be fresh out of university with limited work experience. Post-graduate doctors need to have at least one year of post-qualification experience. For doctors with just a graduation degree, two years of post-qualification experience is necessary.

3. Do you own a house or clinic? Where is it located?

Another aspect that affects doctor loan eligibility is whether applicants own a house or clinic. The location must be in a city or town where Bajaj Finserv operates.

4. What are your monthly earnings like?

As is the case for other kinds of loans, there are basic income requirements for a medical loan. Moreover, the requirements vary depending on where you live. So, doctors living in Tier-1 cities need a gross monthly salary of Rs 75,000 to get a doctors loan. The income level drops to Rs 40,000 for applicants from Tier-2 cities.

Documentation Needed

You would need to submit documents to support your doctors loan application. Here is the standard list of documentation from Bajaj Finserv.

1. Income proof:

You would need to provide your Form 16 for the past two years and your three latest payslips. Bank statements of the past three months showing salary credit would be necessary as well.

2. Education proof:

You would have to furnish all relevant educational qualification certificates. So, keep your graduation and post-graduation mark sheets and certificates handy.

3. Identity and address proof:

This includes government-approved documents proving your identity and address. For example, your Aadhaar card, voter ID, and driving licence would work as identity proof. For address proof, you could submit copies of your ration card, passport, or utility bill, among others.

4. Proof of property ownership:

A loan for doctors from Bajaj Finserv does not require any collateral. But you would have to furnish some proof of property ownership. This could include your home or your clinic. It could even be your parents’ home.

In some cases, you may have a co-applicant for the loan. This co-applicant must provide government-approved identity and address proof. They must also furnish a proof of relationship with the main applicant.

Summing up

A professional loan for doctors is a handy financial device. It can help you to extend your medical practice in order to provide better healthcare. A Doctor Loan comes with a quick approval process and reasonable interest rates. So, there is no need to wait until you save up enough capital.

Do you plan to get a medical loan anytime soon? If so, keep in mind the eligibility criteria and documentation requirements. This will make the application process a lot smoother.

Terms and Conditions

I declare that all the particulars and information provided by me in this application form are true, correct, complete and up-to-date in all respects and that I have not withheld any information whatsoever.

I confirm that I have/had no insolvency proceedings against me nor have I ever been adjudicated insolvent by any court or other authority and I further confirm that I have read the information on various loan products made available by Bajaj Finance Limited (hereinafter referred to as “Bajaj Finance?) on the Website www.bajajfinserv.in.

I authorize Bajaj Finance to exchange, share all information and details as provided by me in my application and in relation to my existing loans and/or repayment history to any third party including but not limited to its group companies, service providers, banks, financial institutions, credit bureaus, telecommunication companies, statutory bodies, etc. for customer verification, personalization of products or services, credit rating, data enrichment, marketing or promotion of Bajaj Finance services or related products or that of its associates and affiliates or for enforcement of your obligations and I shall not hold Bajaj Finance (or any of its group companies or its/their agents/representatives) liable for the use/sharing of the information as stated above.

I agree and affirm that Bajaj Finance may contact me and communicate with me over telephonic calls, or SMS on the mobile number mentioned in the application, or through any other communication mode (“Communication Modes?) to verify the details provided by me on the application. Further, I confirm that I would like to know through the above mentioned Communication Modes various Bajaj Finance loan offer schemes or loan promotional schemes or any other promotional schemes relating to various products/services offered by BFL/its group companies from time to time and hereby authorize BFL, its group companies, employees, agents, associates to contact me from time to time for the same.

I agree and confirm that laws in relation to the unsolicited communication referred to in the “National Do Not Call Registry? (the “NDNC Registry?) as laid down by the Telecom Regulatory Authority of India will not be applicable for such communication/calls/ SMSs received from BFL, its group companies, its employees, agents and/or associates.

I undertake to keep Bajaj Finance updated of any change in the information provided by me in this application form.

I understand and acknowledge that Bajaj Finance shall have the absolute discretion, without assigning any reason to reject my loan application and that Bajaj Finance shall not be responsible/liable in any manner whatsoever for such rejection.

I further understand and agree that pursuant to this application form, I will be required to submit documents to the satisfaction of Bajaj Finance and accept the loan terms and conditions for availing the loan granted to me by Bajaj Finance from time to time.